Quote from: Pursuer on September 11, 2018, 06:30:07 AM

Quote from: figmentofmyass on September 10, 2018, 08:53:29 PM

ok fair enough---but that all boils down to investor demand. the actual cost doesn't matter---only the perceptual effect on buying/selling pressure. there is a flip side to that: if the market holds below the perceived "price where miners will prop the market" then that could reinforce fear and increase sell pressure. i could easily see price crashing to the $2000s or $3000s, miner costs be damned.

I wouldn't call such a drop "easy"!
the same size drop from $20k down to $6200 which is nearly a 70% drop was extremely hard not to mention $20k was actually a bubble going another 70% down from current price is not just "not-easy" it is in fact near impossible. not to mention that $2k is a 90% drop from ATH!

for BTC, that's totally normal for a crash following a bubble. take a look at these drops from ATH to bottom:

2011: 94%
april 2013: 83%
december 2013: 87%

if we compare to past bubble patterns, is a 90% drop really near impossible? i don't think so. Tongue

Quote from: Pursuer on September 11, 2018, 06:30:07 AM

but about "fear" you are right. like anything else when the "support" or even in opposite case the "resistance" is broken it creates fear but it won't push price down drastically as you claim. just like breaking a resistance like $10k is not going to send the price to $100k.

i'm not making any predictions here, just pointing out the possibilities. the only reason $2000 seems impossible is because of recency bias. we all think of "normal" as $6000+ now. but that's just perception. in 2014, the $600s became "normal" after months of trading there. then we crashed to the $200s and eventually below. and then the $200s became the new "normal."